Saturday, August 04, 2007

Savings is an essential financial aspect in everyone's life. Who can afford not to save? We never know what tomorrow will bring. We save for emergencies, future needs or even to pass on to our next generation.

Singapore's savings interest rates is regarded as low compared to many other countries. However, we have limited choice. While people in other countries are able to live off interest from a large principal sum for the rest of their lives, it is practically impossible in Singapore, unless you are a multi-millionaire. Despite the low interest rates, people are still finding means and ways to maximize their returns from their savings.

Each of the above accounts comes with different set of terms and conditions, and possesses advantages as well as disadvantages over one another. Do read up more on the account before signing up for an account.

For a well-balanced account, I will strongly recommend FairPrice Plus Savings account, NTUC FairPrice's partnership with OCBC which offers 1.0% per annum interest rate for all balances.

While traditional big banks like POSB/DBS and UOB are still the natural choice for most savers, people who would like to maximize their savings may consider the few accounts I suggested above.

"Savings goes a long way" Make it go even further. Maximize your savings now!